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Video on Demand (VoD) Market Will Promptly Grow in Near Future 2030
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According to the Market Statsville Group (MSG), the global video on demand (VoD) market size was USD 50.9 billion in 2021. The market is projected to grow at a CAGR of 15.2% to reach USD 160.5 billion by 2030. Video on demand is becoming a part of day-to-day viewing habits for every person. It is actively used for distributing recorded streams of games such as GTA, RDR, Dota, League of Legends, etc. Video providers normally offer several access choices for users, such as they offer a subscription to basic content as well as the ability to purchase additional premium viewing. Trends such as increasing adoption of mobile TV and multi-screen services for content viewing and rising penetration of smartphones are providing wide opportunities to the VoD market.
The growing use of smartphones and android TV is the major driving factor for the VoD market. The growing usage of mobile phones and digital media consumption are driving the video on demand market. However, the rising rate of consuming online video piracy is restraining the VoD market. The quality of pirated content has risen dramatically with instant access to TV series, new film releases, and live sports accessed on illicit streaming devices. Furthermore, the advent of 5G brings new opportunities for the video-on-demand market. 5G networks will provide better quality of video on mobile devices.
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Global Video on Demand (VoD) Market Definition
Video on Demand is a system for providing video content that allows viewers to choose the right content (Video) and watch it at a convenient time on the devices designed to play videos.
Global Video on Demand (VoD) Market Dynamics
Drivers: Diversified benefits offered by the Video-on-Demand services
Video-on-demand services are trending underlining consumer behavior as people are embracing online streaming services like never before. Video on demand offers several benefits as compared to traditional TV or broadcasting. It offers convenience, connectivity, low cost and a wide variety of movies and TV shows. The users can watch videos at any suitable time and from any Internet-connected devices. VOD only requires a high-speed broadband internet connection and a PC or mobile device. It provides huge convenience of watching tutorials, educative and entertaining content from virtually anywhere. In addition, accessing on-demand movies and TV shows over the internet is only a fraction of the cost of the cable TV provider. Furthermore, due to modern living and the hectic lifestyles of the working class population, a great number of people can watch videos on demand as per their conveniences as it is permanently accessible on the internet. Thus, these advantages of the video-on-demand services is aggregating its usage and facilitating the growth of the video on demand market.
Restraints: Rising rate of consuming online video piracy
The video-on-demand service industry is significantly affected by digital piracy. Piracy has exploded alongside OTT, reflecting a shift away from slow-to-download and risky .mp4 files to free internet streaming. The quality of pirated content has risen dramatically with instant access to new TV series, film releases, and live sports accessed on illicit streaming devices. As per the MUSO, a company that tracks the scale of digital piracy, approximately 190 billion visits were made to illegal piracy websites in 2018, of which 5.75 billion came from the UK and a further 17.4 billion from the US. Nearly half of all visits to piracy websites were for television shows, with nearly one in five visitors to illicit sites seeking out the latest film. When measuring total web traffic to 14,000 of the biggest piracy websites, 73% were for streaming content sites, while only 17% were to torrent sites. Many of those who are most impacted by piracy have little visibility into the damage being done as it’s impossible to measure, unlike torrents, which leave a trail to follow in terms of the number of downloads. However, signal piracy and hardware piracy can be estimated at the household level, with 15% of households in Latin America engaging in illegal pay-TV services and 14% in the Asia Pacific.
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Scope of the Global Video on Demand (VoD) Market
The study categorizes the video on demand (VoD) market based on solution, monetization model, application, and device at the regional and global levels.
By Solution Outlook (Sales, USD Million, 2017-2030)
- OTT Services
By Monetization Model Outlook (Sales, USD Million, 2017-2030)
By Application Outlook (Sales, USD Million, 2017-2030)
- Media & Entertainment and Gaming
- Education & Training
- Live Events and Sport
- Other Applications
By Device Outlook (Sales, USD Million, 2017-2030)
- Smart TV
By Region Outlook (Sales, USD Million, 2017-2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
OTT Services Segment, by Solution, had the Largest Market Share
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Depending on solution, the global video on demand (VoD) market is classified into Pay TV, OTT Services, and IPTV. In 2021, OTT services had the largest market share of 52.6% in the global video on demand market. Over-The-Top (OTT) is a term that is used to describe the distribution of content over the internet. It is a catch-all phrase that covers numerous services but is rooted in content delivery through the internet. The OTT services don't require any business or technology associations with the entity that controls or preserves the infrastructure through which the content is delivered to end-users. OTT comprises the distribution of linear programming and non-linear VOD content. Smartphones, gaming consoles, tablets, computers, DVD or Blu-ray Disc players, televisions, and set-top boxes with internet connectivity can access content via the internet from companies and services such as Netflix, CBS All Access, HBO Now, Amazon Video, Hulu, and Sling TV.
The OTT video services are becoming a mainstream entertainment destination among growing internet operators. With the rapid commoditization of data and the ongoing price wars, online video streaming is a more viable option available today. This has led to the incursion of several global, local, and independent platforms in the past year that is hoping to exploit this growth opportunity in the market. As operators optimize their operations with the advertising revenues, they develop content approaches and marketing effectually to reach the masses. The attention has shifted from the urban youth to mass market and regional audiences across multilingual backgrounds.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global video on demand (VoD) market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. The Asia Pacific is the fastest-growing region, followed by North America in the video-on-demand market. In Asia Pacific, rise in the internet penetration is the major driver of the video on demand (VoD) market growth. As per the International Telecommunication Union, more than 50% of the total internet user in the world live in Asia Pacific.
Higher penetration of smartphones in North America augments the usage of video on demand (VoD) in the region. According to the survey by Pew Research Center, over 81% of the total population of adults in the U.S. owns a smartphone. Further, most of the content on OTT platforms in the global video on demand (VoD) market is originated from the U.S, which influences the higher demand for the services in North America. As per the report by European Audiovisual Observatory, more than 53% of the content on VoD platforms is originated from the U.S
Key Market Players in the Global Video on Demand (VoD) Market
The global video on demand market is being influenced by many regional players from countries including India, China, UK, South Korea, Malaysia, and others. Additionally, the industry has experienced numerous market development-related activities such as new product launch, partnerships, and acquisitions in recent years. For instance, on April 2018, Netflix collaborated with Tata Sky, a Direct Broadcast Satellite Television provider in India. The partnership with Netflix assisted Tata Sky’s subscribers to receive worldwide quality content on-demand.
Report Request Description: https://www.marketstatsville.com/video-on-demand-market
Major players in the market are:
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